Coinbase, one of the largest cryptocurrency exchanges, made a delist announcement at night. According to the announcement, transactions for four altcoins will be suspended. Here are the details…
Coinbase made a delist announcement
As we reported as Kriptokoin.com, Coinbase, the largest stock exchange in the USA, gave the delist news for four altcoins. According to his statement during the night hours, mStable (MUSD), Rari Governance Token (RGT), Tribe (TRIBE) and Pawtocol (UPI) are delisted. These cryptocurrencies will be delisted from 4 November 2022, 19:00 CET. Operations will be suspended. Deposits and withdrawals will remain unaffected, although trading will be halted.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading in MUSD, RGT, TRIBE and UPI on November 4, 2022 on or around 12pm ET
— Coinbase Assets (@CoinbaseAssets) October 21, 2022
At the time of writing, MUSD, already a US dollar-pegged stablecoin, is changing hands at $1, down 0.1 percent. Rari Governance fell 22.6% to $1.51. The cryptocurrency had dropped from $1.97 to $1.25 during the day. Behind this drop may be Coinbase’s delist announcement.
On the other hand, TRIBE has lost 1.6 percent in the last 24 hours. The cryptocurrency is changing hands at $0.212. It dropped from the daily high of $0.215 to $0.209. Finally, Pawtocol, like RGT, lost more than 20 percent in value. The cryptocurrency fell from $0.00995 to as low as $0.0072.
Exchange plans to grow USDC stablecoin
Meanwhile, Coinbase announced that it has opened commission-free trading for non-USD fiat currency purchasers of USDC to increase its usage outside of the US. San Francisco-based exchange Coinbase is building services for USDC access outside of the US in an effort to “increase economic freedom around the world.” The exchange wants to reduce barriers to stablecoin use by establishing global parity for all users.
This means that Coinbase will remove commission fees when customers buy or sell USDC on Coinbase via any non-USD fiat currency. This will help expand the presence of UDSC, which is already a strong stablecoin in the market. Coinbase states that unlike other fiat currencies, the dollar is purchased for three times the amount of USDC. They concluded that the associated transaction fees were the factor preventing the stablecoin from being used more frequently.
Coinbase is working hard to build a more global presence while competing with platforms like Binance. The exchange has recently acquired a crypto license in Singapore, which will allow them to operate in the country. USDC has quickly become a strong stablecoin in the market and now competes with UDST. The CEO of Circle, behind USDC, also said that the stablecoin is in its strongest financial position ever.
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